Over 100 fraudsters who conned around £15 million from British victims in massive boiler-room scams have been arrested in a four-country blitz.

Police task forces in Britain, Spain, the USA and Serbia swooped on the criminal masterminds who were living a playboy life-style after conning at least 850 UK investors put of their cash.

In one of the biggest anti-fraud operations ever-staged, 40 City of London Police officers joined 300 Spanish colleagues to swoop on the boiler room scammers, living a life of luxury and excess as portrayed by Leonardo DiCaprio in hit movie, Wolf of Wall Street.

A total of 110 fraudsters were held as police moved to stamp out so-called boiler room fraud, where investors are duped into buying worthless or non-existent shares.

Investigators targeted a number of organised crime gangs, aiming to take out the top levels of the networks as well as dozens of the conmen who work for them.

One of the suspects was even said to be paying £40,000 per month just to rent an apartment.

An Aston Martin DB convertible, Ford Mustangs and Ferrari Spyder were seized along with designer watches, as well as £500,000 in cash, during the swoops in Barcelona -the centre of the frauds - as well as Madrid and Valencia.

But police believe it was only “ the tip of the iceberg.”

Commander Steve Head, who helped organise the raids with Spanish Police Nacional, said: “What we’ve seen is the culmination of a two year investigation that has been worldwide in its nature. What we’ve seen is an unprecedented level of co-operation.

“We expect this network alone to have upwards of 1,000 victims. We’ve seen millions of pounds taken from people.

“You see real victims in real communities whose lives have been devastated. Savings that they thought they could rely on in their old age have gone in a heartbeat.”

One victim took their own life after being defrauded.

The international team executed 35 warrants on offices used to run the fraud, and the criminals’ lavish homes.

Mr Head added: “These people have no conscience in terms of what they do to people’s lives. This is not at all a victimless crime. We’ve seen lives that have been utterly devastated.

“We have dismantled an international network of fraudsters. Make no mistake, this will make a difference to the ability of fraudsters to operate at this level.

“Hopefully we have sent a message to those who think that it’s an easy crime that it doesn’t matter where you are, we will come after you.”

City of London Police has spent two years looking at the top levels of the fraud gangs, and aimed to take out key figures such as lawyers, money launderers and financiers.

Most of the suspects targeted are British, and a core group are expected to be extradited back to the UK to face trial.

Commissioner Jose Luis Andre Vega from the Spanish national police, said: “This sort of crime knows no frontiers or boundaries. It’s important to investigate this sort of organised crime on an international level.”

It is one of the biggest ever police anti-fraud operations and also involved the UK National Crime Agency, Financial Conduct Authority and Serious Fraud Office.

Mr Head added: “In terms of economic crime and fraud, the kind of co-operation we’ve seen has never been seen before in terms of going after international fraudsters.

“That’s a really important message to go out there to those international fraudsters who think they can act with impunity. We have shown that we can work together with law enforcement teams across the world to go after these people.”

Of the 110 arrests, there were 84 in Spain, 20 in the UK, two in the United States and four in Serbia, most on suspicion of money laundering and fraud offences.

The operation closed down 14 boiler rooms in Spain, two in the UK and one in Serbia.